The Price Received by Each Factor of Production Is Determined

question 105

Multiple Choice

The price received by each factor of production is determined by:

• A)demand for output and supply of factors.
• B)demand for factors and supply of output.
• C)demand and supply of output.
• D)demand and supply of factors.

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Definitions:

Hind Feet

The rear feet or legs of an animal, often specialized for various functions such as jumping, running, or climbing.

Modern Cetaceans

Refers to the current species of whales, dolphins, and porpoises, highly adapted marine mammals with a fully aquatic lifestyle.

Fluke

Parasitic flatworms that belong to the Trematoda class, often causing diseases in livestock and humans.

Convergent Evolution

The process where organisms not closely related independently evolve similar traits as a result of having to adapt to similar environments.